Mizuho raises Amazon price target to $325 from $315, citing AWS as cloud backbone of AI era

Mizuho kept an Outperform rating and lifted estimates to reflect incremental disclosures around scaling chip and AI revenue at AWS, with hyperscale customer wins including OpenAI, Anthropic, and Meta Platforms driving the revised view.

AWS posted $35.58 billion in revenue, up 24%, the segment's fastest growth in 13 quarters. The firm cited Trainium accelerators and Graviton CPUs as margin levers versus NVIDIA-only competitors, forming Amazon's custom silicon stack competitive moat.

Amazon stock last traded near $260, with the new Mizuho target of $325 sitting well above the $283.82 analyst consensus. Fourth quarter revenue came in at $213.39 billion, up 14%, topping estimates.

Management guided to about $200 billion in 2026 capital expenditures, primarily for AI infrastructure. Q1 guidance calls for $173.5 billion to $178.5 billion in net sales and operating income of $16.5 billion to $21.5 billion, with results due April 29.